S11 by ABC radio

["Alan Bradley" <alanb@xxxxxxxxxxxxxxxxxxxxxx>]

S11 by ABC radio

This is a transcript of The World Today broadcast at 12:10 AEST on local
radio.

Delegates slowed by S11 protesters

The World Today - Monday, September  11, 2000  12:14

COMPERE: After travelling through the interior maze of security screens,
metal detectors and police guards, the Australian Treasurer, Peter
Costello, delivered a keynote in the opening session, with a panel of
economists and dignitaries from Japan, China and the United States.

As business reporter, Zoe Daniel, tells us, the Treasurer picked up a theme
though from those protesting outside the conference, warning those on the
inside that they must take notice of social concerns over globalisation.

ZOE DANIEL: The plus interior of Melbourne's Crown Casino has been
transformed. While protestors outside attempt to block the main doors, it's
been almost as hard this morning for accredited media and delegates to
enter the building. But police escorts, security checks and metal detectors
aside, proceedings did manage to get underway, despite S11's aims.
Proceedings started 15 minutes late and delegates continued to filter in
well past the start. Some took over two hours to get through the barricades
from a hotel less than one kilometre away.

Did you have any problems getting in?

KEITH MAXWELL: Substantial.

ZOE DANIEL: What sort of problems did you have?

KEITH MAXWELL: We were on buses coming from the Sheraton Hotel, and the
protestors blocked the entrances to the Crown Casino.

ZOE DANIEL: The Sheraton's not far away. How long did it take you to get
here?

KEITH MAXWELL: Two hours.

ZOE DANIEL: And clearly delegate, Keith Maxwell, wasn't the only one, given
this opening comment from Richard Koo [phonetic] from Japan's Numera
Research Institute.

RICHARD KOO: Well, I want to start off by saying I want to express my
appreciation to all the policemen out there protecting us from the mobs.

ZOE DANIEL: But while delegates continue to make their way into the venues,
some escorted by boat by police to avoid the blockades, proceedings did
continue. It was a reasonably optimistic outlook for Asian economics that
was put, given the quick recovery from the Asian economic crisis.

Vice-Chairman of Goldman Sachs Asia, Kenneth Cortis [phonetic], cited
higher debt levels and a contracting labour market as the barriers to
growth, the drivers in a world economy seeing blistering growth, technology
and globalisation. On that point, with protestors outside, Kenneth Cortis
had this to say.

KENNETH CORTIS: These forces come together and create great anxiety for
people. The implosion of the ideologies of industrialism over the last 10
or 12 years, the breaking up, the fracturing of social identities with this
great change that's afoot leads many to feel anxiety, insecurity,
confusion, and that concern is genuine, and that's the centre of the debate
inside and around this building this morning.

It's been too simple in the 1990s to say, "It's the market, stupid." That's
not enough. There's more than the market. There are broader questions also
that have to be brought into this debate. And I think that we in this room
in the World Economic Forum can make a major contribution to dissipating
some of that anxiety, to help bring clarity where there's confusion, to
help show the course ahead by explaining more how these forces of
globalisation, technological change will make our life better.

ZOE DANIEL: And it would seem that our own Treasurer, Peter Costello, has
taken on board some of the protestors' views as well. He opened with this
almost sympathetic comment and warning to delegates.

PETER COSTELLO: And I'd like to begin just by commenting on some of the
public attitudes to the build-up to this Forum, because it would be assumed
in a room like this that globalisation is a good thing. I think it's
important for us all to bear in mind that particularly where you've got
governments leading public opinion, it's always necessary to begin at the
beginning and to explain the benefits of trade and free investment.

I don't think it's well understood at all, and if policy makers think that
they can ignore public opinion, I think we'd be making a rather large
mistake. And we can talk about the benefits of an open trading system, but
let's remember that the last opportunity to put some detail on that was in
Seattle, and it was a failure, and it was a failure largely because public
opinion was not nearly as advanced as some of the objectives of the policy
makers.

COMPERE: The Federal Treasurer of Australia, Peter Costello, at the World
Economic Forum.

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